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FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, All Other Investments [Abstract] |
Schedule of Characteristics of Financial Instruments | The following table presents characteristics for certain of the Company’s financial instruments at March 31, 2025 and December 31, 2024.
Financial Instruments (1)
Balance Sheet Line Item | Type / Form | Measurement Basis | March 31, 2025 |  | December 31, 2024
| Assets | (dollars in thousands) |  |  |
Securities | Agency mortgage-backed securities (2) | Fair value, with unrealized gains (losses) through other comprehensive income | $ | 7,668,927 |  |  | $ | 8,234,911 |
Securities | Agency mortgage-backed securities (3) | Fair value, with unrealized gains (losses) through earnings | 60,660,793 |  |  | 59,199,157 |
Securities | Residential credit risk transfer securities | Fair value, with unrealized gains (losses) through earnings | 521,059 |  |  | 754,915 |
Securities | Non-agency mortgage-backed securities | Fair value, with unrealized gains (losses) through earnings | 1,451,524 |  |  | 1,493,186 |
Securities | Commercial real estate debt investments - CMBS | Fair value, with unrealized gains (losses) through earnings | 59,061 |  |  | 74,278 |
Total securities |  |  | 70,361,364 |  |  | 69,756,447 |
Loans, net | Residential mortgage loans | Fair value, with unrealized gains (losses) through earnings | 3,860,555 |  |  | 3,546,902 |
Assets transferred or pledged to securitization vehicles | Residential mortgage loans | Fair value, with unrealized gains (losses) through earnings | 24,464,281 |  |  | 21,973,188 |
| Liabilities |  |  |  |
Repurchase agreements | Repurchase agreements | Amortized cost | $ | 61,659,460 |  |  | $ | 65,688,923 |
Other secured financing | Loans | Amortized cost | 900,000 |  |  | 750,000 |
Debt issued by securitization vehicles | Securities | Fair value, with unrealized gains (losses) through earnings | 21,802,193 |  |  | 19,540,678 |
Participations issued | Participations issued | Fair value, with unrealized gains (losses) through earnings | 1,748,273 |  |  | 1,154,816 |
U.S. Treasury securities sold, not yet purchased | Securities | Fair value, with unrealized gains (losses) through earnings | 2,519,125 |  |  | 2,470,629 |
(1) Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost. (2) Includes Agency pass-through, collateralized mortgage obligation (“CMO”) and multifamily securities purchased prior to July 1, 2022. (3) Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
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